EUR/USD remains under pressure, near 1.1600

EUR/USD remains near daily lows, with a bearish bias after a short-lived recovery
US dollar holds to gains across the board.

Matías Salord FXStreet

The EUR/USD pair remains close to daily lows, the 1.1600 area that capped the decline hours ago. The bias is being supported by a stronger US Dollar across the board. The DXY reached 95.06, the highest since July 20 and it was moving around 95.00.

A few hours ago the Euro bottomed at 1.1600 and then bounced to the upside. The recovery from the lows was short-lived and EUR/USD found resistance at 1.1630. As of writing it was trading at 1.1610/15, down for the third day in a row and headed toward the lowest daily close since June 28.

The daily close around current levels could point to further weakness from a technical perspective. The negative tone could strengthen with a slide below 1.1600. To the upside, a recovery above 1.1640 would ease the short-term pressure.

The pair has been moving sideways, unaffected by the BoE decision. On Friday, economic data to be released includes Eurozone retail sales and PMIs and in the US, the official employment report.

EUR/USD Short-term levels to watch

To the downside, immediate support is seen at 1.1600 followed by 1.1570/75 (Jul 19 low) and 1.1550. On the upside, resistances could be seen at 1.1635/40 (20-hour moving average), 1.1655 (Aug 1 low) and 1.1675.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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